Originally posted by KennethToronto
Moreover, when I was a kid, being the occasionally clumsy person that I am, got into a few 'minor' accidents where I flew over the handlebars or crashed etc 
Hee, hee...I'm 37, and MY mom still thinks I'm the same clutz I was at 8. Fat chance of changing your parental reputation....ever!
b) Borrow some money from a couple close friends, buy the bike now (not necessarily a more pricey one..but a nice one nonetheless) and pay friends back later as money slowly drips in.
Be careful about doing that....good friends are MUCH harder to find than money. Trust me, there will always be somewhere for money to come from, but real friends are few and far between.
Here's another possibility--have you considered getting a cheapo x-mart rummage sale bike to tide you over the summer? It will only cut into your savings slightly (you see them for $10...) and you will at least have something to ride until you have your dream bike.